Former owner of English football club Chelsea Roman Abramovich has refused to comply with the British authorities’ demand to transfer the proceeds from the sale of the club in 2022 exclusively to Ukraine. This was reported by The Times, citing sources close to the businessman.
The amount is approximately £2.5 billion (approximately £2.35 billion in net proceeds plus interest), which remains frozen in Abramovich’s Fordstam Ltd accounts due to sanctions imposed against him after the start of the special military operation.
British Prime Minister Keir Starmer previously issued an ultimatum: Abramovich must transfer all funds to a new humanitarian fund to support Ukraine by March 2026, otherwise the government is prepared to take legal action. However, representatives of the Russian billionaire said that the transfer is impossible until the completion of a separate court case on the island of Jersey, where authorities are investigating the origin of his assets.
In addition, Abramovich insists that the funds should go to help all victims of the conflict, not just Ukraine, which contradicts the position of London and the EU. The businessman has hired a team of leading lawyers, including former high-ranking officials from the US and the UK, to defend his interests in a potential legal dispute.
The sale of Chelsea to a consortium led by Todd Boehly took place in May 2022 under pressure from sanctions. Abramovich initially stated his intention to donate the proceeds to charity for war victims, but negotiations with the British government reached an impasse.
The outcome of a possible court case could determine the fate of these funds, which remain one of the largest frozen sums linked to Russian assets in the UK.